Renting Out Story

 I sat and read over a German story today....in Wendelstein.....over in the southeastern side of Germany (90 minutes driving south of Munich).

This German guy had gone out and bought an exceptionally large house (I'd guess more than 200 square meters of space).  It was a single-family dwelling before (at least the news people say that).

So the intended use?  Well....housing refugees.

What the guy figured out from an investment angle....he could afford the house, and then rent it to the social folks agency....to house 34 refugees/asylum seekers in one structure.

Amount of monthly profit?  18,000 Euro.  Yeah, it's a lot.

Permanent housing?  No....it seems to be a temp deal where a van would pull up and dump off a couple of folks for 30 to 60 days....and the regional social agency would pay for the 'service'.

Neighbors?  Well....they seem to be extremely peeved on how this is done and want the authorities to prevent this. 

Looking at this....no one says what the guy paid but I would assume it's in the 400,000 Euro minimum.  Deducting property taxes, water and utilities....I'm of the mind that the owner would make in the range of 160,000 Euro a year from this 'service'.  Assuming he put down 30-percent...in less than 3 years, he'd pay this off.  

All legal?  There aren't any real laws to say a limit on occupants of a house usually. Some cities probably have a limit on occupants to apartments, but if this was a 200 sq meter home....he could probably house twenty folks easily, and thirty folks if he really pushed occupancy.

A large town?  16,000 residents....so this is probably going to be dragged around for debate a good bit.